1.   The Village of Itasca, at any time, and from time to time, by Ordinance duly enacted and in accordance with the authority vested in it by Illinois Complied Statutes:

      a.   May acquire, by purchase, condemnation, or otherwise, any buildings or structures which do not conform to the standards fixed by the corporate authorities of the Village of Itasca pursuant to Illinois Compiled Statutes, and all land which is necessary or appropriate for the rehabilitation or redevelopment of any area blight by substandard buildings or structures;

      b.   May remove or demolish in such substandard buildings and structures so acquired;

      c.   May hold and use any remaining property for public purposes; and

      d.   May sell, lease, or exchange such property as is not required for public purposes, subject to the provision of this Ordinance or any amendment thereto.

   2.   No such acquisition by condemnation shall be made until such time as the Plan Commission, at the request of the President and the Board of Trustees, or upon its own initiative, shall have made a study of the area within which such non-conforming building or structure is located and shall have filed a written report on such study with the President and Board of Trustees.